Banking services for the UAE’s SMEs

UAE

Raheel Ahmed, Group CEO of RAKBANK, talks to The Energy Year about participating in green financing and energy transition initiatives and the Bank’s ambitions to become a regional reference in the next five years. RAKBANK is the trading name of the National Bank of Ras Al Khaimah, an Abu Dhabi-listed financial institution that offers personal, business and wholesale banking services.

What is RAKBANK’s involvement in green financing in the UAE?
RAKBANK is driving green financing initiatives in the UAE as part of its commitment to sustainability and responsible growth. In Ras Al Khaimah, more specifically, we collaborate closely with the government on various green initiatives, including green auto loans and green home loans. Our partnership with the municipality extends to projects in water recycling and electric vehicle adoption, reinforcing our role as a key enabler of sustainable progress in the region.
It is also important to look at sustainability as a fundamental part of our strategy, shaping how we operate, innovate and support the communities we serve. As we continue to embed sustainable practices into our business, we remain committed to driving responsible growth, reducing our environmental footprint and aligning with the UAE’s broader sustainability goals.
Today, sustainable finance represents more than 5% of RAKBANK’s total portfolio with the largest share of that – around 60% – being green finance and sustainability-linked loans.
Additionally, we invest in sustainable financing and energy transition projects. Notably, the first retrofitted floor at our Dubai corporate office has earned LEED Gold certification. In collaboration with Reem, the Energy Efficiency and Renewables Office of Ras Al Khaimah Municipality, we have optimised the chillers at our head office, with further enhancements underway. Internally, we have also made measurable strides in sustainability, reducing paper consumption by 18% and water consumption by 11%.

How is RAKBANK supporting local manufacturers?
As a leading SME bank serving more than 93,000 SME clients, we have developed robust risk models and a refined business approach to support SMEs beyond lending. Our offerings include cash management, trade solutions, and everyday banking services, ensuring comprehensive financial support. With a diverse suite of products, we cater to businesses of all sizes, from micro- and medium-sized enterprises to large corporations.
At RAKBANK, we don’t shy away from small businesses, we actively enable them. We have seen remarkable success stories of entrepreneurs who started with us as small ventures and have grown into thriving enterprises, and we are committed to being a true partner in more such journeys.

What role do partnerships play within your offerings for personal and business clients?
The Ras Al Khaimah Economic Zone is a key partner for us, with more than one-third of its registered companies banking with us. We maintain a strong collaboration with both the economic zone and the Department of Economic Development to support businesses at every stage.
We are deeply involved in supporting entrepreneurs as they set up their companies, open accounts and establish efficient payment systems. Beyond banking, we aim to be a strategic partner to free zones by providing tailored financial solutions. This includes capability partnerships, such as our collaboration with FaturaLab, which enhances invoicing and supply chain services for businesses.

What are some of the elements behind RAKBANK’s success?
Creating the right culture and environment for our teams is essential, and diversity plays a key role in that. We are proud to have a workforce representing 62 nationalities. Women make up more than 50% of our total workforce, with nearly 25% in senior leadership roles – a number we are committed to increasing. While we are a diverse group of individuals, our culture is built on teamwork and collaboration.
Adaptability is just as important. The world is evolving rapidly – technology, regulations, competition and customer expectations are constantly shifting. To stay ahead, we must remain agile and nimble. One of RAKBANK’s key strengths is speed. With a flat hierarchy, we can make decisions quickly and respond efficiently to market changes and customer needs.

How do you see the UAE’s economy evolving in the next few years?
The UAE has made remarkable progress, and we remain optimistic about its shift away from oil towards a more diversified economy. This transformation is also reflected in our business performance.
A decade ago, the majority of our SME clients’ fund flows were international buying and selling. Today, 65% of all our SME transactions take place within the UAE, indicating a strong focus on domestic trade. Businesses are sourcing from local suppliers, selling to local buyers and expanding their service offerings within the country.
This trend is also evident in Ras Al Khaimah, where manufacturing accounts for 30% of the economy and is strengthening the local business landscape. It’s an incredible evolution that highlights the UAE’s growing economic resilience.

What is your vision for the future of RAKBANK?
Our vision is to be a digital bank with a human touch, combining innovation with exceptional customer experience. Growth remains a priority, but in an evolving market, sustainable expansion is key. While the region has seen annual growth rates of 25% in the past, a more measured and resilient approach where even 10% growth is a strong achievement will define long-term success.
Over the next five years, we aim to be ranked among the top 10 banks in the UAE, with a likely expansion beyond the UAE into the broader regional market. Throughout this journey, we remain committed to delivering the best customer experience across all segments we serve, reinforcing our position as a trusted and forward-thinking financial institution.

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